Making Your Business Recession- and Crisis-Proof with eCommerce
As the saying goes, when there’s a crisis, there comes an opportunity. With the negative economic growth and devastations brought by epidemics and social movements in HK from 2019 to 2020, it prompts businesses for an inevitable shift. Brick-and-mortar businesses, in particular, need to devise a plan for dipping revenue. This is exactly how eCommerce comes into place.
During the Great Depression in the US, all retail suffered a negative growth, whereas eCommerce accelerated continually (Deloitte, 2018). Ever since, eCommerce sales continued to climb at a skyrocketing rate and averaged a 15% growth rate since the end of the Great Depression and achieved more than 20% of total retail sales growth as of 2018 (Deloitte, 2018). These numbers point to a conclusion – eCommerce is recession-proof.
During the nCoV (Noval Coronavirus) period, different categories are impacted to different degrees. Activities that can be conducted online are affected to a lesser extent, e.g. cross-border commerce.